Capital B raises €21m from Adam Back and TOBAM for Bitcoin strategy
Bitcoin (BTC)
Editor:
Eugene Serbin
finanznachrichten.de reports that Capital B SA, Europe's first Bitcoin Treasury Company, has announced a €21.0 million capital raise. The funds were secured through a private placement of shares with four attached warrants, known as ABSA, priced at €0.58 per unit. Global institutional investors participated in the deal, including strategic investors Adam Back and TOBAM.
This capital increase supports the company's strategy to accumulate Bitcoin as a long-term reserve asset. The issuance involves 36,219,070 shares, with closing expected on August 31, 2026. If all warrants are exercised, an additional €135.8 million could be raised.
The average price of €0.74 represents a 28.56% premium to the five-day VWAP average. Maxim Group LLC served as the sole placement agent for this transaction.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 28 August 2026. Not the outlet's figures.
Bitcoin spot data shows a mixed immediate reaction with a 1-hour buy ratio of 50.7%, indicating slight buying pressure in the short term. However, this fades significantly over a 4-hour window where the buy ratio drops to 39.8%, suggesting sellers are gaining control. Over the last 24 hours, the buy ratio sits at 45.2%, reflecting a net outflow of capital. The 24-hour volume delta is negative at -$123.1 million, meaning more money left the market than entered it. This contrasts with the positive 1-hour delta of +$591,721, showing that initial buying was quickly overwhelmed by larger sell orders.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Twenty-four hours later
What BTC did over the 24 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
The current 24-hour buy ratio of 45.2% is lower than the 7-day average of 51.1%, indicating a shift toward bearish sentiment compared to the recent week. Trading volume is also subdued, running at just 0.65 times the weekly average, which suggests this is an unusual day of reduced activity. Despite the lower volume and ratio, the price has risen 9.9% over the past eight days. The 8-day volume delta remains positive at +$171.6 million, showing that the weekly trend is still net bullish despite today's decline.